Compensation Arrangements for Remer Y. Brinson, III with Georgia-Carolina Bancshares, Inc. and First Bank of Georgia

Contract Categories: Human Resources › Compensation Agreements
Summary

This document outlines the compensation arrangements for Remer Y. Brinson, III, President and CEO of First Bank of Georgia. Mr. Brinson receives an annual salary of $240,000, is eligible for annual incentive awards, stock option grants, and participates in various employee benefit plans. He also receives certain perquisites, such as club membership dues and an automobile allowance. Additionally, Mr. Brinson has a Severance Protection Agreement that provides specific payments if there is a change in control of the company.

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EX-10.7 2 g12534exv10w7.htm EX-10.7 COMPENSATION ARRANGEMENTS WITH REMER Y. BRINSON, III EX-10.7 COMPENSATION ARRANGEMENTS, BRINSON, III  

EXHIBIT 10.7
Compensation Arrangements with Remer Y. Brinson, III
     Neither Georgia-Carolina Bancshares, Inc. (“Company”), nor First Bank of Georgia (“Bank”), has a written employment agreement with Remer Y. Brinson, III, President and Chief Executive Officer of First Bank of Georgia. Mr. Brinson’s current (2008) annual salary is $240,000 and Mr. Brinson is eligible for an annual incentive award under the Bank’s Annual Incentive Plan, pursuant to which he received $54,000 for his performance in 2007. See Exhibit 10.8 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2006 for a description of the Annual Incentive Plan. Mr. Brinson is eligible for stock option grants under the Company’s option plans as determined from time to time by the Board of Directors of the Company. In addition, Mr. Brinson participates in the Bank’s medical, dental, life and disability insurance plans and he may participate in the Company’s 401(k) plan. Mr. Brinson also receives the following perquisites: payment of private and civic club membership dues, provision of an automobile and an automobile allowance. The aggregate value of these perquisites in 2007 was less than $10,000.
     Mr. Brinson has entered into a Severance Protection Agreement with the Bank, which entitles him to certain payments following a change in control of the Company. The Severance Protection Agreement was filed with the Company’s Annual Report on Form 10-K for the year ended December 31, 2006 as Exhibit 10.6.